Stock Ticker: MSGE 🎤
Price: $36.55
Change: -0.35 (-0.95%)
As of: May 23, 2025, 4:10 PM ET

🎟️ Curtain Up: Who’s Behind the Spotlight?

Madison Square Garden Entertainment Corp. is what happens when your childhood dream of running away to the circus grows up and gets a corporate job.
They produce and host it all:

• 🎸 Rock concerts

• 🎭 Broadway-adjacent spectacles

• 🎄 The Radio City Rockettes' Christmas Spectacular

• 🏒 Knicks & Rangers games (through licensing)

With venues like:

• Madison Square Garden (🎯)

• Radio City Music Hall (🌸)

• Beacon Theatre (🕯️)

• The Chicago Theatre (🎷)

—MSGE is like Live Nation’s cooler, more nostalgic cousin who still wears a tux to every event.

💼 Why Are We Talking About MSGE?

Because John W. Rogers Jr.—Princeton grad, legendary value investor, and founder of Ariel Investments (the United States' largest minority-run mutual fund firm)—has made MSGE his top holding. 🐂
How top?

📈 He increased its position by 5.4% in Q1 2025. When a guy who turned $10,000 into $12.9 billion makes a company his top holding and is still willing to add, we pay attention.

🔗 Learn more about Ariel Investments

🏦 Who Else Is in the Audience?

Funds own 102.73% of MSGE (don’t think too hard—thank shorts/options/arbitrage shenanigans). Some of the headliners:

• Ariel Investments: 7.78M shares (19.15%) (Yes, quite a statement!)

• Vanguard: 9.10%

• BlackRock: 7.46%

• Jericho Capital: 7.11%

• Point72: 4.73% (Hi, Steve Cohen 👋) (Yes, John Rogers is in good company!)

🔍 For full Institutional Ownership breakdown, see here.

📣 Q3 2025 Results: Not Just Hype, But Profits Too

🎯 Revenues: $242.5M → Up 6% YoY
💰 Operating Income: $27.3M → Up 63% YoY
💎 Adjusted Op. Income: $57.9M → Up 50%
💵 Share Buybacks YTD: $40M
🎄 Christmas Spectacular: Bigger, better, and more kicklines

🗣️ CEO James Dolan: “We’re well-positioned to drive long-term value.”
(We’re just glad he’s not singing.)

📊 The Breakdown

💡 Entertainment Offerings

+10% YoY revenue → More events, higher ticket prices, stronger sponsorships
🥂 The Rockettes danced. The lights dazzled. MSG made bank.

🏒 Arena License Fees

Down 1% → Blame it on two fewer Knicks/Rangers games (but they’ll be back).

🍿 Food, Drinks & Merch

+1% revenue, +6% costs → You still paid $19 for a pretzel, and yes, you’ll do it again.

👥 SG&A

Down 3% → Fewer overhead costs, fewer complaints from accountants.

👉 Want the full picture? Dive into Madison Square Garden Entertainment’s financials here.

🧠 So What’s the Thesis?

✅ The Bull Case:

• 🏟️ Iconic venues with strong demand

• 🧾 Real profitability and growing margins

• 🔄 Buying back shares

• 🧠 Owned by some of the sharpest minds on Wall Street

• 📈 P/E of 13.52 (forward: ~17) = not a steal, but cheap enough, and surely not overpriced

❌ The Bear Case:

• 🎭 Fun fatigue (gasp!)

• 📉 Economic downturn hits ticket sales

• 💸 Expenses outpace growth

• 🌍 Mass extinction event (always a risk)

• 🙃 Or we’re just wrong, again.

Curious for a health check on another stock?
See our prescription-strength take on UnitedHealth Group. 🩺

💬 Verdict: It’s Like the Show You Didn’t Think You Needed

MSGE isn’t exactly setting off fireworks in the growth department—but it’s quietly becoming a solid value play in a world starved for fun.
It’s profitable, institutionally adored, and steeped in cultural cachet.
If it’s good enough for John Rogers, maybe it’s worth your encore.

🎭 Just don’t expect popcorn to get any cheaper.

📛 Disclaimer:

This isn’t investment advice—it’s entertainment. Just like MSGE. We don’t make calls, we just report the scene and eat the snacks. 🍿

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